SEOUL, July 3 (UPI) -- South Korea's Woori Financial Group has officially acquired two South Korean life insurance companies, Tongyang and ABL, from China's Dajia Insurance Group for $1.1 billion. Subsequently, the country's fourth-largest financial services provider appointed industry veterans Kwak Hee-pil and Sung Dae-kyu as chief executives of ABL and Tongyang, respectively. Dajia, formerly Anbang, acquired Alliance Life Insurance Korea in 2016 and renamed the company to ABL. It took over